Monthly op risk losses: China’s Anbang faces huge fraud hit
Also: in-depth look at multi-billion fraud in Indian banking system. Data by ORX News
Anbang’s main offices in Beijing
In the largest operational risk loss in March, the former chairman and general manager of Anbang Insurance, Wu Xiaohui, has been accused by the Chinese government of embezzling a total of 75.2 billion yuan ($11.99 billion) for improper usage of funds and insurance premiums.
The China Insurance Regulatory Commission seized control of the insurer in February after Shanghai prosecutors charged Wu with fundraising fraud and embezzlement. During his one-day trial on March 28, it was revealed that Wu
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